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Company News

CARE ratings for Indian debt instruments-Apr 20

    Apr 20  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for
local debt instruments as of April 17, 2020.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Bardhaman Agro Products(I) Pvt Ltd   ST BkFac          CARE A4;      2      -
Issuer not cooperating; based on best available information
Bhuwneshwar Pathak Construction Pvt  ST BkFac          CARE A4;      150    -
Ltd
Issuer not cooperating; based on best available information

Friends Alloys                       ST Bk Fac         CARE A4;      30     -
Issuer not cooperating; based on best available information
Fullerton India Home Finance Co. Ltd CP (CP) Issue     CARE A1+      5000   Reaffirmed
(enhanced from 100 Crore)
Future Lifestyle Fashions Ltd        CP Issue          CARE A1+      1500   Reaffirmed
Green Facade Solutions Pvt Ltd       ST Bk Fac         -             -      Reaffirm at
                                                                            CARE A4; &
                                                                            Withdrawn
Issuer not cooperating; based on best available information
Future Lifestyle Fashions Ltd        CP Issue*         CARE A1+      1400   Reaffirmed
*carved out of working capital limits
Indostar Capital Finance Ltd         CP                CARE A1+      20000  Reaffirmed
Placed under credit watch with negative implications
S T Cottex Exports Pvt Ltd           ST Bk Fac (Fund   -             -      Reaffirmed at
                                     Based)                                 CARE A4+;and
                                                                            withdrawn
Issuer not cooperating; based on best available information
Sbg Cleantech Projectco Five Pvt Ltd ST Bk Fac         -             -      Withdrawn
Jindal Dyechem Industries Pvt Ltd    ST BkFac          CARE A4;      410    Revised
                                                                            fromCARE A4+
Issuer not cooperating; based on best available information
Jindal Steel & Power Ltd             ST Bk Fac         CARE A3;      -      -
Placed under credit watch with negative implications
Kalinga Agro Foods                   ST Bk Fac         CARE A4;      30     -
Issuer not cooperating; based on best available information
Maa Ganga Rice Mill                  ST Bk Fac         CARE A4;      3.2    -
Issuer not cooperating; based on best available information
Narsingh Singh                       ST BkFac          CARE A4;      40     -
Issuer not cooperating; based on best available information
Ntpc Ltd                             ST Bk Fac         CARE A1+      55000  Reaffirmed
(reduced from 6,000 Crore)
Ntpc Ltd                             CP Issue*         CARE A1+      201000 Reaffirmed
(enhanced from 18,000 Crore),*including Rs. 2,100 crore utilization against cash credit limit as
per RBI guidelines
Unimoni Financial Services Ltd       ST BkFac          CARE A4+      2050   Revised from
(Erstwhile Uae Exchange & Financial                                         CARE A3
Services Ltd)
Up Alums Pvt Ltd                     ST Bk Fac         CARE A4;      55
Issuer not cooperating; based on best available information

LONG TERM RATINGS:
-------------------
Bardhaman Agro Products(I) Pvt Ltd   LT BkFac          CARE B+; Stabl95     Revised from
                                                                            CARE BB;
                                                                            Stable
Issuer not cooperating; based on best available information
Bhuwneshwar Pathak Construction Pvt  LT BkFac          CARE B+;      7      Revised from
Ltd                                                    Stable;              CARE BB-;
                                                                            Stable;
Issuer not cooperating; based on best available information
Daulat Flour Mill                    LTBk Fac          CARE B;       89.6   Revised from
                                                       Stable;              CARE B+;
                                                                            Stable
Issuer not cooperating; based on best available information
Friends Alloys                       LT Bk Fac         CARE B;       160    Revised from
                                                                            CARE B+;
Issuer not cooperating; based on best available information
Fullerton India Home Finance Co. Ltd LT Debt Programme CARE AAA;     75000  Reaffirmed
                                                       Stable
(enhanced from 3,750 Crore)
Fullerton India Home Finance Co. Ltd Subordinated Debt CARE AAA;     5000   Reaffirmed
                                                       Stable
(enhanced from 150 Crore)
Future Lifestyle Fashions Ltd        LT - Proposed TL  CARE AA-;     1750   Revised from
                                                       Negative             CARE AA-;
Future Lifestyle Fashions Ltd        LT Bk Fac – TL    CARE AA-;     3393.9 Revised from
                                                       Negative             CARE AA-;
Future Lifestyle Fashions Ltd        LT fund based Bk  CARE AA-;     5500   Revised from
                                     Fac – CC          Negative             CARE AA-;
Future Lifestyle Fashions Ltd        NCD Issue         CARE AA-;     3500   Revised from
                                                       Negative             CARE AA-;
                                                                            Positive
Future Lifestyle Fashions Ltd        Proposed NCD IssueCARE AA-;     1500   Revised from
                                                       Negative             CARE AA-;
                                                                            Positive
Future Lifestyle Fashions Ltd        LT/ST Bk Fac –    CARE AA-;     4750   Revised from
                                     LC/BG             Negative/CARE        CARE AA-;
                                                       A1+                  Positive/CARE A1+
Gaurisankar Electro Castings Pvt Ltd LT Bk Fac         CARE D;       82.6   -
Issuer not cooperating; based on best available information
Green Facade Solutions Pvt Ltd       LT Bk Fac         -             -      Reaffirmed at
                                                                            CARE B+; and
                                                                            Withdrawn
Issuer not cooperating; based on best available information
Indostar Capital Finance Ltd         LT debt programme CARE AA-      99000  Reaffirmed
Placed under credit watch with negative implications
Indostar Capital Finance Ltd         Market-linked     CARE PP-MLD   1000   Reaffirmed
                                     Debentures        AA-
Placed under credit watch with negative implications
Jindal Dyechem Industries Pvt Ltd    LT BkFac          CARE BB- ,    90     Revised
                                                       Stable ;             fromCARE BB+
                                                                            , Stable
Issuer not cooperating; based on best available information
Jindal Export And Import Pvt Ltd     LT/ STBk Fac      CARE BB - ,   500    Revised from
                                                       Stable/CARE A4       CARE BB+ ,
                                                       ;                    Stable /CARE A4+
Issuer not cooperating; based on best available information
Jindal Steel & Power Ltd             LT Bk Fac         CARE BBB;     14471.9-
                                     (Priority TL) @
Placed under credit watch with negative implications,@ Priority term loan has following
features: 1. Priority over the cash flow of the company for interest and principal payment of
priority loan. 2. Priority in security in case of liquidation. 
Jindal Steel & Power Ltd             LT Bk Fac         CARE BBB-;    161605.-
Placed under credit watch with negative implications
Jindal Steel & Power Ltd             NCDs Programme-I  CARE BBB-;    5000   -
Placed under credit watch with negative implications
Jindal Steel & Power Ltd             NCDs Programme-IIICARE BBB-;    7100   -
Placed under credit watch with negative implications
Jindal Steel & Power Ltd             NCDs Programme-IV CARE BBB-;    1000   -
Placed under credit watch with negative implications
Jindal Steel & Power Ltd             NCDs Programme-V  CARE BBB-;    372    -
Placed under credit watch with negative implications
Jindal Steel & Power Ltd             NCDs Programme-VI CARE BBB-;    4000   -
Placed under credit watch with negative implications
Kalinga Agro Foods                   LT Bk Fac         CARE B-;      31     Revised from
                                                       Stable;              CARE B; Stable
Issuer not cooperating; based on best available information
Maa Ganga Rice Mill                  LT Bk Fac         CARE C;       48     Revised from
                                                       Stable;              CARE B+;
                                                                            Stable
Issuer not cooperating; based on best available information
Modern Engineering Enterprise        LT Bk Fac         CARE C;       150    Revised from
                                                       Stable;              CARE B+;
                                                                            Stable
Issuer not cooperating; based on best available information
Narsingh Singh                       LT BkFac          CARE C;       30     Revised from
                                                       Stable;              CARE B+;
                                                                            Stable
Issuer not cooperating; based on best available information
Ntpc Ltd                             LT Bk Fac         CARE AAA;     865000 Reaffirmed
                                                       Stable
(enhanced from 78,000 Crore)
Prerna Strips                        LT Bk Fac         CARE C;       106.5  Revised from
                                                       Stable;              CARE BB-;
                                                                            Stable;
Issuer not cooperating; based on best available information
S T Cottex Exports Pvt Ltd           LT Bk Fac (TL)    -             -      Reaffirmed at
                                                                            CARE BB+;and
                                                                            withdrawn
Issuer not cooperating; based on best available information
S T Cottex Exports Pvt Ltd           LT/ST Bk Fac (Fund-             -      Reaffirmed at
                                     Based)                                 CARE BB+/CARE
                                                                            A4+;and withdrawn
Issuer not cooperating; based on best available information
S T Cottex Exports Pvt Ltd           LT/ST Bk Fac      -             -      Reaffirmed at
                                     (Non-Fund Based)                       CARE BB+/CARE
                                                                            A4+;and withdrawn
Issuer not cooperating; based on best available information
Sbg Cleantech Projectco Five Pvt Ltd LT Bk Fac         -             -      Withdrawn
Skm Buildcon                         LT Bk Fac         CARE C;       57.5   Revised from
                                                       Stable;              CARE B+;
                                                                            Stable
Issuer not cooperating; based on best available information
Supermint Exports Pvt Ltd            LTBk Fac          CARE BB-;     205
Issuer not cooperating; based on best available information
Unimoni Financial Services Ltd       LT BkFac          CARE BB+;     7382.5 Revised from
(Erstwhile Uae Exchange & Financial                    Stable               CARE BBB;
Services Ltd)                                                               Stable
Up Alums Pvt Ltd                     LT Bk Fac         CARE B;Stable;95     Revised from
                                                                            CARE B+;
                                                                            Stable
Issuer not cooperating; based on best available information
Vishwa Samudra Engineering Pvt Ltd   LT Bk Fac         CARE BBB-;    150    Assigned
                                                       Negative
Vishwa Samudra Engineering Pvt Ltd   LT/ST BkFac       CARE BBB-;    1000   Assigned
                                                       Negative/CARE
                                                       A3
West Bengal Infrastructure DevelopmenBond Series IB    -             -      Withdrawn
Finance Corporation Ltd              (AG, AH,
                                     AI/2009-10)@
@ The above rating was based on support provided by the Government of West Bengal (GoWB) in the
form of unconditional and irrevocable guarantee for repayment of principal and payment of
interest in respect of the bonds. Furthermore, the rating derived comfort from a Structured
Payment Mechanism (SPM) involving lien of AAA rated PSU Bonds and term deposits in favour of
Trustee for redemption of part of the bonds. 
--------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

CARE may apply + or - signs for ratings to reflect a comparative standing within the category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures.

(Mumbai Rate Reporting Unit + 91 22 6180 7222/3317 7222, E-mail at rru.data@refinitiv.com)
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